Updates
OceanRock Investments Inc. Announces Fund Mergers, Proposed Fixed Administration Fees and Other Changes to its Mutual Fund Lineup
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TORONTO, July 06, 2018 (GLOBE NEWSWIRE) — OceanRock Investments Inc. (the “Manager”), the manager of the OceanRock and Meritas SRI Funds (collectively, the “Funds”), today announced proposals to merge a number of its Funds, to change the method of charging operating expenses to a number of Funds to increase fee predictability and transparency, and certain other changes, all described below. A special meeting of unitholders (the “Special Meeting”) will be held in Vancouver on or about August 31, 2018 to consider certain of the proposed changes.
“With the formation of Aviso Wealth, our goal is to always offer advisors and investors compelling and competitive investment solutions under the NEI name”, said Fred Pinto, SVP, Head of Asset Management at Aviso Wealth. “These proposed mergers will help us meet that objective and strengthen NEI’s position as Canada’s leading provider of responsible investment solutions.”
In addition, effective July 12, 2018, the management fee charged to Series A of Meritas International Equity Fund will be reduced from 2.25% to 1.95%.
Fund Mergers
Provided the mergers receive the required unitholder and regulatory approvals, each Terminating Fund will merge into the corresponding Continuing Fund (as listed below). Northwest & Ethical Investments L.P. (“NEI”), an affiliate of the Manager, is the manager of each Continuing Fund other than Meritas International Equity Fund and, in the case of Meritas International Equity Fund, NEI will, subject to unitholder and regulatory approval, become the manager of that Fund (as described in more detail below). The proposed fund mergers are outlined in the table below:
| Terminating Fund | Continuing Fund |
| OceanRock Canadian Equity Fund | NEI Canadian Equity Fund |
| OceanRock Growth Portfolio | NEI Select Growth Portfolio |
| OceanRock Income & Growth Portfolio | NEI Select Income & Growth Portfolio |
| OceanRock International Equity Fund | Meritas International Equity Fund |
| OceanRock Maximum Growth Portfolio | NEI Select Maximum Growth Portfolio |
| Meritas Canadian Bond Fund | NEI Canadian Bond Fund |
| Meritas Growth Portfolio | NEI Select Growth RS Portfolio |
| Meritas Income Portfolio | NEI Select Income RS Portfolio |
| Meritas Income & Growth Portfolio | NEI Select Income & Growth RS Portfolio |
| Meritas Strategic Income Fund | NEI Conservative Yield Portfolio |
| Meritas U.S. Equity Fund | NEI U.S. Equity RS Fund |
| OceanRock Balanced Portfolio | NEI Select Balanced Portfolio |
| Meritas Balanced Portfolio | NEI Select Balanced RS Portfolio |
| Meritas Monthly Dividend and Income Fund | NEI Canadian Equity RS Fund |
The Independent Review Committee for the Terminating Funds will consider the mergers and the result of their assessment as well as full details about the proposed merger will be set out in the Management Information Circular that will be sent in July to unitholders of record as at July 13, 2018. If approved, it is anticipated that each proposed merger will be implemented on or about October 26, 2018. All costs and expenses associated with the mergers will be borne by the Manager.
Suspension of New Purchases
New purchases of securities of a Terminating Fund will be suspended effective September 1, 2018. In most cases, pre-authorized contribution plans and automatic withdrawal plans which have been established with respect to a Terminating Fund will be re-established with respect to the corresponding Continuing Fund following the mergers. More particulars regarding these matters will be set out in the Management Information Circular.
INVESTMENT OBJECTIVES, FUND NAME & MANAGER CHANGES
As well, the Manager today announced, with respect to the funds listed in the chart below (the “Selected Funds”), proposals to: (i) replace the Manager of the Selected Funds with NEI; (ii) modify the language in the investment objectives of the Selected Funds; and (iii) rename the Selected Funds. The first two proposals will be considered at the Special Meeting. If the first two proposals are approved at the Special Meeting then all three proposals will be implemented effective on or about October 26, 2018. The Manager believes that the interests of unitholders of the Selected Funds will be better served by modifying the language in the investment objectives of those Selected Funds. Appendix A contains a summary of the current proposed modifications to the investment objectives of the Selected Funds. The proposed name changes of the Selected Funds are as follows:
| Current Name of Selected Fund | Proposed Name of Selected Fund |
| Meritas Jantzi Social Index® Fund | NEI Jantzi Social Index® Fund |
| Meritas International Equity Fund | NEI International Equity Fund |
| OceanRock Growth & Income Portfolio | NEI Select Growth & Income Portfolio |
| OceanRock US Equity Fund | NEI U.S. Equity Fund |
| Meritas Growth & Income Portfolio | NEI Select Growth & Income RS Portfolio |
| Meritas Maximum Growth Portfolio | NEI Select Maximum Growth RS Portfolio |
| OceanRock Income Portfolio | NEI Select Income Portfolio |
Full details about these proposals will be set out in the Management Information Circular that will be sent in July to unitholders of record.
FIXED RATE ADMINISTRATION FEE
In addition to the proposals outlined above, the Manager today also announced a proposal to change the method of charging operating expenses to the Selected Funds to increase fee predictability and transparency. If the proposal is approved by unitholders of a Selected Fund then effective on or about October 26, 2018 NEI will pay for all of the operating expenses of the Selected Fund other than those operating expenses listed below. In return for paying the operating expenses, NEI will receive a fixed rate administration fee from the Selected Fund. The operating expenses that each Selected Fund will continue to pay are costs and expenses relating to the independent review committee of the Selected Fund, new government or regulatory requirements, taxes, borrowing and interest and portfolio transaction costs.
Currently, each Selected Fund pays all of its own operating expenses, which comprise a portion of the management expense ratio of the Selected Fund. This change will provide investors with increased predictability and transparency in fees as components of the management expense ratio for the Selected Funds will become fixed rather than varying from year to year as they do presently.
Under the proposal, the fixed rate administration fee will range from 0.20% to 0.40% of the respective Selected Fund’s assets under management, depending on the Selected Fund. The fixed rate administration fee for each series of a Selected Fund will be lower than or equal to the actual operating expenses paid by such series of the Selected Fund during its most recently completed financial year on a pre-absorption basis. Similar fixed rate administrative fee proposals have been adopted by unitholders at a number of Canada’s largest mutual fund companies, including NEI.
Full details about this proposal will be set out in the Management Information Circular that will be sent in July to unitholders of record.
About OceanRock Investments Inc.
OceanRock Investments Inc. is a Canadian Responsible Investment leader, managing $2 billion on behalf of Canadian investors. OceanRock offers a comprehensive range of managed portfolio solutions and individual funds to meet the needs of individual and institutional investors. OceanRock is dedicated to offering disciplined, risk-controlled and diversified investment solutions to Canadian individual and institutional investors and has a core commitment to Responsible Investing through its Meritas SRI Funds. OceanRock Investments Inc. is a wholly owned subsidiary of Aviso Wealth Inc.
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Appendix A
| Meritas Jantzi Social Index® Fund (to be renamed NEI Jantzi Social Index® Fund) | ||
| Current Fundamental Investment Objective | Proposed Fundamental Investment Objective | |
The fundamental investment objective of the Meritas Jantzi Social Index® Fund (the “JSI®”) is to seek capital appreciation with current income being a secondary investment objective. The Fund will invest primarily in Canadian equity securities which comprise the JSI®. The Fund may not track the returns of the JSI® perfectly as we have implemented certain additional features which will affect the Fund’s performance relative to the JSI®.
Should the additional screens mentioned above result in the removal of more than five securities from the portfolio, we will be required to change the name of the Fund. As this Fund invests in a socially responsible manner, it must adhere to the “Criteria for Responsible Investing” outlined on page 23 of its prospectus. For the Fund to change its investment objectives, the change must be approved by a majority of votes at a unitholders’ meeting called specifically for that purpose. |
The investment objective of the Fund is to achieve long-term capital growth by investing primarily in equity and equity related securities of companies in Canada.
The Fund follows a responsible approach to investing, as described in this prospectus. Unitholder approval (by a majority of votes cast at a meeting of unitholders) is required prior to a fundamental change of investment objectives. |
|
| OceanRock Growth & Income Portfolio (to be renamed NEI Select Growth & Income Portfolio) | ||
| Current Fundamental Investment Objective | Proposed Fundamental Investment Objective | |
| The fundamental investment objective of the OceanRock Growth & Income Portfolio is to achieve long term capital growth along with preservation of capital while providing for current income by investing primarily in a combination of OceanRock Mutual Funds (the “underlying funds”).
For the Fund to change its investment objectives, the change must be approved by a majority of votes at a unitholders’ meeting called specifically for that purpose. |
The Portfolio’s investment objective is to provide long-term capital growth, and generate some income by investing primarily through exposure to equity and fixed income securities.
To achieve its objective, the Portfolio will invest in underlying mutual funds, which may be managed by NEI Investments. Unitholder approval (by a majority of votes cast at a meeting of unitholders) is required prior to a fundamental change of investment objectives. |
|
| OceanRock U.S. Equity Fund (to be renamed NEI U.S. Equity Fund) | ||
| Current Fundamental Investment Objective | Proposed Fundamental Investment Objective | |
| The fundamental investment objective of the OceanRock U.S. Equity Fund is to achieve long-term capital growth primarily through investing directly or indirectly in equity securities, ETFs and mutual funds with exposure to U.S. equity markets.
For the Fund to change its investment objectives, the change must be approved by a majority of votes at a unitholders’ meeting called specifically for that purpose. |
The investment objective of the Fund is to achieve long-term capital growth by investing primarily in equity and equity related securities of companies in the United States.
Unitholder approval (by a majority of votes cast at a meeting of unitholders) is required prior to a fundamental change of investment objectives. |
|
| Meritas Growth & Income Portfolio (to be renamed NEI Select Growth & Income RS Portfolio) | ||
| Current Fundamental Investment Objective | Proposed Fundamental Investment Objective | |
| The fundamental investment objective of the Meritas Growth & Income Portfolio is to seek capital appreciation with some emphasis on current income. The Fund will invest primarily in units of other Meritas SRI funds (“underlying funds”).
As this Fund invests in a socially responsible manner, it must adhere to the “Criteria for Responsible Investing” outlined on page 23 of its prospectus. For the Fund to change its investment objectives, the change must be approved by a majority of votes at a unitholders’ meeting called specifically for that purpose. |
The Portfolio’s investment objective is to provide long-term capital growth, and generate some income by investing primarily through exposure to equity and fixed income securities.
To achieve its objective, the Portfolio will invest in underlying mutual funds, which may be managed by NEI Investments. The Portfolio follows a responsible approach to investing, as described in this prospectus. Unitholder approval (by a majority of votes cast at a meeting of unitholders) is required prior to a fundamental change of investment objectives. |
|
| Meritas Maximum Growth Portfolio (to be renamed NEI Select Maximum Growth RS Portfolio) | ||
| Current Fundamental Investment Objective | Proposed Fundamental Investment Objective | |
| The fundamental investment objective of the Meritas Maximum Growth Portfolio is to seek strong growth and capital appreciation. The Fund will invest primarily in units of other Meritas SRI Funds, but also may invest in units of other socially responsible investing funds managed by the Manager (“underlying funds”).
As this Fund invests in a socially responsible manner, it must adhere to the “Criteria for Responsible Investing” outlined on page 23 of its prospectus. For the Fund to change its investment objectives, the change must be approved by a majority of votes at a unitholders’ meeting called specifically for that purpose. |
The Portfolio’s investment objective is to provide long-term capital growth by investing primarily through exposure to equity securities.
To achieve its objective, the Portfolio will invest in underlying mutual funds, which may be managed by NEI Investments. The Portfolio follows a responsible approach to investing, as described in this prospectus. Unitholder approval (by a majority of votes cast at a meeting of unitholders) is required prior to a fundamental change of investment objectives. |
|
| OceanRock Income Portfolio (to be renamed NEI Select Income Portfolio) | ||
| Current Fundamental Investment Objective | Proposed Fundamental Investment Objective | |
| The fundamental investment objective of the OceanRock Income Portfolio is to seek current income with a small emphasis on capital appreciation. The Fund will invest primarily in units of other OceanRock Mutual Funds and Meritas SRI Funds (the “underlying funds”).
For the Fund to change its investment objectives, the change must be approved by a majority of votes at a unitholders’ meeting called specifically for that purpose. |
Investment Objectives The Portfolio’s investment objective is to generate income, and provide some long-term capital growth by investing primarily through exposure to equity and fixed income securities. To achieve its objective, the Portfolio will invest in underlying mutual funds, which may be managed by NEI Investments. Unitholder approval (by a majority of votes cast at a meeting of unitholders) is required prior to a fundamental change of investment objectives. |
|
| Meritas International Equity Fund (to be renamed NEI International Equity Fund) | ||
| Current Fundamental Investment Objective | Proposed Fundamental Investment Objective | |
| The fundamental investment objective of the Meritas International Equity Fund is to seek capital appreciation with current income as a secondary objective. The Fund will invest primarily in equity securities of companies outside North America.
As this Fund invests in a socially responsible manner, it must adhere to the “Criteria for Responsible Investing” outlined on page 23 of its prospectus. For the Fund to change its investment objectives, the change must be approved by a majority of votes at a unitholders’ meeting called specifically for that purpose. |
The investment objective of the Fund is to achieve long-term capital growth by investing primarily in equity and equity related securities of companies outside of Canada and the United States.
Unitholder approval (by a majority of votes cast at a meeting of unitholders) is required prior to a fundamental change of investment objectives. |
|
Source: Gambling Industry Press Releases
Everything comes back around in popularity or at least that is what they say. It has happened with vinyl records and now the same is occurring with retro video games. Yes, classic video games have become popular as children of the 1980s and 1990s have grown older and moved into the workforce. But classic games haven’t just become popular to play. People are spending large sums of money on classic games from 20 and 30 years ago and owners who sell the games are making tidy sums. Gamers looking for classic games online can find free casino slot games inspired by retro video games.
Why are classic games popular again?
Classic video games are becoming popular as many older gamers look for a nostalgia factor. Playing games from their childhood brings back memories of yesteryear. Old Nintendo games are a link to the past for many gamers and it is something they don’t want to lose. Nintendo announced in August that it would release a back catalogue of classic games for a new platform. The move will capitalise on the growing number of people looking for older games rather than newer ones. Many older games have inspired online slots which has driven their popularity sky-high.
In addition to personal reasons, today’s mega-blockbuster video games are seen as too violent by many. While video games of the past were an escape from reality, modern games are based – at least loosely – on the problems of the world. From first person shooters to Grand Theft Auto, many older gamers want to play games that don’t reflect reality.
How much are rare video games worth?
A recent study of rare and nostalgic video games from the last 30 years has found a number of old games selling for large sums of money. According to one source, a copy of Nintendo’s Campus Challenge 1991 sells for around $22,000. Amazingly, the now rare game cost just $30 back in 1991. Gamers who had a copy could cash-in on Campus Challenge if they are able to find it. Other rare games selling for big money include the 1988 Sega Megadrive edition of Tetris and Atari’s Air Raid from 1982.
Ultimate 11 is another that is high on the rare games list. According to reports, only 10 copies exist and each goes for $10,000. Kizuna Encounter had only 15 English versions created and is reportedly worth $13,000. One video game collector paid $55,000 for a copy of both games in 2009.
…And then there’s E.T.
In 1982, Atari rushed E.T. the Extra-Terrestrial video game into the marketplace. Atari gave E.T.’s creator just five and a half weeks to develop the game. The company wanted it out in time for Christmas and to reap the rewards of the holiday season. The rushed game was awful and gamers hated it. It barely sold and Atari had warehouses chocked full of E.T. games it couldn’t sell. Unable to move the games and with Atari becoming obsolete by the mid-1980s, the company buried hundreds of thousands of copies of E.T. and other games in the New Mexico desert. Some have been dug up and rare copies of the game have sold for $1,535 at auction. The excavators of the long-lost cartridges found 900 E.T. games in total. After selling them on eBay, the group made $108,000.
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Source: Gambling Industry Press Releases
AUGUST 2018, VALETTA/MALTA, RIGA/LATVIA: Today SoftGamings and EGT Interactive announced partnership, which includes providing the EGT Interactive gaming content on the SoftGamings platform.
SoftGamings is a platform developer, gaming aggregator and i-gaming services provider with over 10 years of experience in the industry. The company’s game providers’ suite is regularly enriched with recognised titles, such as EGT this August.
EGT Interactive brings the 15 years of experience of the EGT’s land-based casino slots to the world of online casino games. More than 150 games are known worldwide in more than 85 countries.
EGT Interactive offers several kinds of game types – slots, table games, card games, Keno and jackpot games. They are available in both desktop and mobile.
The most popularity seem to be enjoyed by EGT classic slots, such as 40 Super Hot, Burning Hot and Extra Stars. All titles feature traditional design with fruit symbols, as it was in the beginning of the slot machine era. There is no ‘Spin’ or similar button – instead of it a player has to press the button with an exact amount of bet, which can be chosen each time new.
Apart from slots, EGT Interactive offers 2 kinds of table games – European Roulette and Lucky Circle, Card games – Four of a Kind Bonus Poker, Joker Poker and Jacks and Better Poker, and also Keno Universe.
The EGT Interactive jackpot is a multilevel system, where every level is marked with a different card suit. The jackpot cards bonus is randomly triggered after a single game is finished.
The EGT Interactive gaming content is already available for integration from the SoftGamings feature-rich platform. Casino operators can add this software to their casino environments via single unified API.
Irina Sazonova, Director of Partnerships at SoftGamings says: ‘I am happy about our new cooperation with the EGT Interactive. It is a recognised provider, which produces a really quality content, which perfectly suits our Slots Bundle and Casino Games Integration offerings.’
As an aggregator, SoftGamings offers several ways of acquiring games – Slots Bundle, Live Casino Bundle and Casino Games Integration. EGT Interactive content is available as a part of Slots Bundle – a package of the best slot providers in the i-gaming industry. It can also be integrated separately or pick up several more providers at operator’s wish.
About EGT Interactive:
EGT Interactive is a Bulgaria-based gaming provider that brings the 15 years of experience of the EGT’s land-based casino slots to the world of online casino games. The company is growing rapidly through constant innovation, consumer-centric approach and top-notch support. Every single aspect of the company’s products is designed in line with the customer needs. The EGT games are based on an attractive Return-to-Player (RTP) strategy, which has proven to increase the player lifetime value.
About SoftGamings:
SoftGamings is a B2B casino platforms provider and gaming systems aggregator. With over 10 years of experience in the industry, SoftGamings provides solutions demanded in the market and develops its own creative solutions – White Label, Turnkey, Self-Service, Bitcoin platform solutions, Bonus System Standalone feature, Sportsbook solution, Slots Bundle, Live Bundle and Casino Games Integration. SoftGamings’ strong IT team can also provide gamification possibilities, which is one of the major industry trends. Products portfolio includes 40+ gaming suppliers with 3000+ games. The company offers live dealer solutions from Evolution Gaming, NetEnt, Ezugi, Authentic Gaming, Lucky Streak etc, slots from NetEnt, Microgaming, BetSoft, Endorphina, Habanero, Booming Games, WorldMatch etc, sportsbook, hosting, licensing and banking services. Over 100 clients use SoftGamings products and services since 2007.
Source: Gambling Industry Press Releases
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